EMGS Narrows Losses

Norwegian geophysical services company EMGS posted loss for the fourth-quarter 2017 of $5.9 million, improving from $15.1 million loss in the same period last year.

The Oslo-listed company generated revenues of $11.3 million in the quarter ended December 31, 2017, down from $12 million in the corresponding period in 2016, but up from $10 million sequentially.

Revenues for the full year 2017 amounted to $35.9 million, compared with $44.5 million for the full year of 2016. The decrease in revenues is mainly explained by a reduction in proprietary work in 2017 compared with 2016 and a reduction of work outside of Norway.

Losses for the full year 2017 were $21.5 million, up from a loss of $52.1 million in 2016.

EMGS secured backlog of $3 million at the end of the Q4 2017, compared with a backlog of $1 million at the end of 2016.

The company said it expects to operate two vessels in 2018. EMGS expects to keep one vessel in Asia in 2018, while the other vessel is expected to operate in Europe, Africa and the Americas.